Marks & Spencer has hired John Lewis’ Helen Weir to become their new finance director.

Ms Weir, the former Lloyds Banking Group executive, will replace Alan Stewart after he quit M&S for Tesco three months earlier than expected in the wake of the retailer’s profit crisis.

Ms Weir has been at John Lewis since 2012 and has also previously served in senior finance roles at B&Q owner Kingfisher.

Marks and Spencer will pay her a basic annual salary of £590,000 and a one-off payment of £188,500 to compensate for a reduction in her pension contributions. She will be handed the task of restoring the company’s fortunes alongside the chief executive Marc Bolland, who has been under pressure from investors in recent months, putting her in the running for possible succession in the future.

Marc Bolland said: “Helen brings a wealth of relevant financial, retail and consumer experience. We look forward to her joining the M&S team.”  

“M&S is one of the UK’s great brands. This is an exciting time to be joining the company and I am delighted to be part of the team,” said Ms Weir.